Baker Hughes oil rigs
- Oil rigs at 503 vs 505 prior
- Gas rigs +3
Rigs began to fall in late-May so if you assume a six-month lag to production, that should start to show up very soon in US figures. The market isn’t sensing that though as longer laterals and better efficiency offset less drilling. The US will certainly be the spot to watch in 2024 and if it adds the 800k bpd expected, it will put OPEC in a really tough spot.
Oil has gotten some relief today, up $1.44 to $70.77.